Health Savings Accounts
An HSA, or Health Savings Account, is a special type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified medical expenses. We’ve partnered with HSA Store to provide our members with additional resources for their HSA accounts.
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Access your self-service portal that lists Frequently Asked Questions, allows you to change or add beneficiaries, make withdrawals and make contributions online.
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If you are eligible for a Health Savings Account, the contributions you make are tax deductible up to the IRS limit. You can also earn tax-free interest on the account. Then, when you have qualified medical expenses, you can withdraw from the account tax-free. This may be done by writing checks on your HSA account, using your HSA Visa debit card, or by withdrawing funds directly from the credit union. The account owner is responsible for substantiating that distributions are for qualified medical expenses. The credit union does not determine what is considered a qualified medical expense. Consumers should consult with a qualified tax advisor for additional tax information.
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Health Savings Accounts carry many benefits, such as:
• Qualified contributions are tax-deductible.
• Employer contributions may be excluded from your gross income.
• Qualified distributions are tax-free.
• Balances roll over from year to year – NO use it or lose it rule.
• Health Savings Accounts can continue even if you change jobs.
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To be eligible to have a Health Savings Account, the individual:
• Must be covered by a qualified high-deductible health plan as defined by IRS.
• Cannot be enrolled in Medicare.
• Cannot be claimed as a dependent on someone else’s federal income tax return.
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The contribution limits set by the IRS for 2024 are:
• Single Coverage Annual limit: $4,150
• Family Coverage Annual Limit: $8,300
The catch-up provision for age 55+ is an additional $1,000.
The annual contribution deadline is April 15th of the following year.
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You can keep your account even if you change employers.
Accounts may also be transferred between financial institutions. If you currently have a Health Savings Account elsewhere, consider transferring it to Advantage Credit Union.
HSA Learning Center
Have more questions? Explore the HSA Store Learning Center to learn more about how to use your HSA account.
Qualified Expenses
The IRS defines what qualifies as a medical expense for HSAs. This can cover things like doctors visits, prescriptions, medical equipment, dental/vision care, and more! HSA Store provides a full list of expenses that qualify for HSAs.
HSA Expense Tracker
Keep track of all your HSA expenses in one place with HSA Store’s Expense Tracker! Just upload your receipts for easy record-keeping and tax reference.